U.S. Court of Appeals for the Second Circuit closed out 2022 with decision in Menora Mivtachim Insurance Ltd. v. Frutarom Industries Ltd. articulating new, restrictive conception of purchaser-seller rule that limits class of plaintiffs with standing to recover.
On January 11, 2023, the United States District Court for the Northern District of California dismissed a putative class action asserting claims under Section 10(b) of the Securities.
Cornerstone Research reports that during the first six months of 2022, plaintiffs filed 110 securities class actions, a pace that is generally in line 2.8% higher with what we saw.
On September 30, 2022, a panel of the United States Court of Appeals for the Second Circuit affirmed a decision of the United States District Court for the Southern District of New York.